INDIA: M&M drops out of joint investment with Renault
Mahindra & Mahindra (M&M) has dropped out of a plan to set up a joint manufacturing facility with Renault and Nissan in India.
Renault and Nissan will continue with the investment in Oragadam, near Chennai.
In a joint statement, the parties said M&M would use existing capacity at its new plant in Chakan and at other plants to meet medium term assembly needs. It may, however, consider building a new plant at Oragadam in the future.
The companies will continue with their existing joint venture, Mahindra Renault, that has launched the Logan in India. They will also evaluate adding the Logan MCV.
The existing joint venture will also market the new products to be manufactured by Renault at the new Chennai plant.